Money & Banking

StanChart becomes first foreign bank licensed at GIFT City

Our Bureau Bengaluru | Updated on July 19, 2019 Published on July 19, 2019

Standard Chartered will become the first foreign bank to launch operations at International Financial Services Centre (IFSC) located in Gujarat International Finance Tec – City (GIFT City).

Standard Chartered has received in-principle regulatory approvals to set up its IFSC Banking Unit (IBU) in GIFT IFSC.

The banking business at GIFT IFSC has seen a 167 per cent jump in two years. The cumulative banking transactions touched $22 billion this year, up from $6 billion in 2016-17.

Published on July 19, 2019
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